) mortgages are held by people receiving jobless benefits due to COVID-19, raising concerns for the economy of possible forced property sales and sharp house price declines once support runs out.
That raises the risk of a sharp downturn in house prices when the payments stop and banks call in loans they deferred for coronavirus-impacted borrowers. Already the Australian government has extended a COVID jobless benefit by three months to December, at a reduced rate. “If many of those were forced to sell, it would have a notable impact on the market,” said David Bassanese, chief economist at BetaShares Exchange Traded Funds.
“The test is going to be how effectively we can make the orderly transition away from repayment deferrals,” he added.
Here in the UK, people purchasing homes with the government 'help to Buy' scheme, purchasing a house that was once beyond their means. Those furloughed & only getting 80% of their wages or made redundant, these will be the ones losing their homes over the next year or so.
Worldwide in COVID hotspots.
Bring it ON - May it be a shattering of the property psychosis - the addiction of the Australia’s soul.
wah nice!! Wait for the blow up and buy some houses there!!!
INRI CRISTO , O ÚLTIMO !! VIGIA HEIN ...
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